The USD/CAD pair fell during the Monday session as the oil markets gained for the day. The pair has run below the 0.99 support level, but has many more to worry about as well. The 0.99, 0.98, 0.9750, and 0.97 levels all look like supportive levels, and we don’t like selling at this point because of this problem. Admittedly, if we had to take a position, it would be short. But we don’t and this is the point. We are flat in this market currently until we break below the 0.97 level as it would show massive amount of support giving way. On the up side, we need to see 1.01 taken in order to buy at this point.
Written by FX Empire